# In the matter of Jains & Alliance Palms Venture Pvt. Ltd. I.A. No. 11-2022 in C.P. (IB)No. 08-BB-2020

> NCLT judgment dated 2022-02-07. Citation: TCN-2022-NCLT-04242. The case involves an application (I.A.No.11/2022) in C.P.(IB)No.08/BB/2020 filed under Section…

- **Court:** NCLT
- **Order date:** 7 Feb 2022
- **Citation:** TCN-2022-NCLT-04242
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jains-alliance-palms-venture-pvt-ltd-ia-no-11-2022-in-cp-ibno-08-bb-2020-95ff1802

## Summary

### Background

The case involves an application (I.A.No.11/2022) in C.P.(IB)No.08/BB/2020 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Jains & Alliance Palm Ventures Pvt. Ltd. based on a petition by M/s. Mahesh Hardware & Pipes Pvt. Ltd. The CIRP was admitted on 2021-11-30. The instant application seeks to withdraw the CIRP.

## Facts

M/s. Mahesh Hardware & Pipes Pvt. Ltd. filed a petition against M/s. Jains & Alliance Palm Ventures Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The CIRP was admitted by the Adjudicating Authority on 2021-11-30. Subsequently, the parties reached a settlement, and an application (I.A.No.11/2022) was filed to withdraw the CIRP. Form FA, evidencing the settlement, was submitted as part of the application. The IRP of M/s. Jains & Alliance Palm Ventures Pvt. Ltd. filed the application under Section 12A of the IBC, 2016, read with Regulation 30A(1) of the Insolvency and Bankruptcy Board (Insolvency Resolution Process of Corporate Persons Regulation), 2016.

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) should …

**Ratio:** The legal principle is that CIRP can be withdrawn if the parties reach a settlement and

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**Reasoning:** The court reasoned that the parties had settled the matter, and Form FA, evidencing the

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**Interpretation:** This issue involves the interpretation of Section 12A of the IBC, which allows

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SH. AJAY KUMAR…; SH. MANOJ KUMAR…
- **Appellants:** M/s. Mahesh…
- **Respondents:** M/s. Jains &…

## Timeline

- **2021-11-30 — CIRP Admi…**: The Adjudicating Authority admitted the CIRP against M/s. Jains & Alliance Palm Ventures…
- **2022-02-07 — Order for Wit…**: The court delivered an order allowing the withdrawal of the CIRP based on the settlement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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